No contexto do sistema tributário nacional brasileiro, uma apuração correta da renda tributável demanda o respeito a princípios abrigados pela Constituição Federal expressa ou implicitamente e, dentre estes, vale citar o princípio da realização da renda que, numa descrição simplificada, auxilia na detecção da capacidade econômica apta a sofrer tributação, uma vez que delineia diretrizes mais concretas para a identificação do momento adequado para que tal tributação se implemente. Este estudo enfoca o momento temporal em que se consideram ocorridos os fatos econômicos individuais que se ajuntam para compor a apuração da renda tributável. Não se trata, portanto, de uma abordagem direta acerca do aspecto temporal próprio da regra-matriz de incidência do imposto de renda, aquele que se identifica normalmente com o término do período de um ano. O tema é abordado com enfoque na tributação da renda, apresentando parâmetros para a conceituação do referido princípio e buscando delinear suas funções, bem como descrever seu âmbito de aplicação no Direito Tributário brasileiro, especialmente no que concerne à apuração do imposto de renda (sobretudo o de pessoas jurídicas). O princípio da realização é examinado sob três diferentes perspectivas. Primeiro, faz-se uma análise dos conceitos de renda (e noções correlatas de realização) fornecidos pelas ciências financeiras e econômicas. Segundo, há uma análise sob a perspectiva histórica que apresenta a evolução deste princípio na Alemanha, nos E.U.A., no Reino Unido e também no Brasil. E, por fim, sob a perspectiva estritamente jurídica, enfocando-se o sistema normativo atualmente vigente no Brasil, discutem-se a posição sistêmica do princípio da realização e as limitações impostas pela Constituição Federal de 1988 e pelo Código Tributário Nacional. Ainda nesta última perspectiva, avaliam-se as funções desempenhadas pelo princípio da realização como integrante dos princípios de contabilidade geralmente aceitos e as relações entre Direito Contábil e Direito Tributário. O princípio da realização é examinado em seus diferentes elementos (cumprimento da obrigação, mudança da posição patrimonial, troca no mercado, mensurabilidade, liquidez e certeza). Por fim, propõe-se uma estrutura para classificação dos diferentes critérios que informam o princípio da realização à luz da legislação brasileira. / In the context of the Brazilian tax system, a correct calculation of taxable income demands respect for the principles sheltered, expressly or implicitly, by the Federal Constitution and, among these, it is worth mentioning the realization principle. In a simplified description, said principle helps in the detection of the economic capacity that is able to suffer taxation, since it outlines more specific guidelines for identifying the right time where taxation may be implemented. This study focuses on the timing of the economic facts that are gathered up to comprise the basis for calculation of the taxable income. It is not, therefore, a direct approach on the temporal aspect of the basic rule of incidence of income tax (aspect which is usually identified with the end of the taxable period of one year). The issue is discussed with focus on taxation of income, showing parameters for the conceptualization of realization principle and seeking to outline its functions, as well as to describe its scope within the Brazilian Tax Law, especially on what concerns the calculation of the income tax (especially the corporate income tax). The realization principle is examined from three different perspectives. First, the study presents an analysis of the concepts of income (and related notions of realization) provided by the financial and economic sciences. Second, there is an analysis on the historical perspective that presents the evolution of this principle in Germany, the USA, the UK and also in Brazil. Finally, under a strictly legal perspective, focusing on the regulatory system currently in force in Brazil, it discusses the systemic position of the realization principle and the limitations imposed by the Federal Constitution of 1988 and the National Tax Code. With respect to the latter perspective, the study examines the functions performed by the realization principle as part of the generally accepted accounting principles and the relations between Accounting and Tax Law. The realization principle is examined in its different elements (achievement of the obligation, change in the property position, market exchange, measurability, liquidity and certainty). Finally, it proposes a structure for the classification of the different criteria that inform the realization principle in accordance with the Brazilian legislation in force.

Le droit international privé colombien demeure tributaire d’une approche publiciste qui repose sur les principes de territorialité et de souveraineté. Ces principes, pourtant délaissés depuis le début du XXe siècle en droit international privé comparé, constituent encore aujourd’hui le fondement des règles de conflit en matière contractuelle qui forment le droit positif. Bien que la jurisprudence colombienne ait aussi utilisé des méthodes qui s’apparentent à d’autres proposées plus récemment aux États-Unis et en France, le système colombien n’offre pas de solutions satisfaisantes aux problèmes que posent les situations internationales, y compris en matière contractuelle. Le droit international privé colombien doit donc être repensé. À cet égard, il est possible, sur le fondement des textes en vigueur, de justifier tant la transformation de l’approche que l’adoption de nouvelles solutions. En matière de contrats, il est possible d’identifier au sein de l’ordre juridique colombien une tendance favorable à la consécration de la liberté de choix de la loi applicable en tant que solution de principe. En effet, cette solution est conforme au principe constitutionnel d’internationalisation et compatible avec le rôle reconnu à l’initiative privé en droit colombien. Largement répandue en droit international privé comparé, la liberté de choix a les faveurs des institutions internationales et, en 2015, la Conférence de La Haye a publié des principes sur le choix de la loi applicable aux contrats commerciaux internationaux. Cet instrument non contraignant peut servir d’inspiration pour l’élaboration d’une réglementation du choix de loi en droit colombien. / Colombian private international law remains in thrall to a public-law inspired approach resting on the principles of territoriality and sovereignty. These principles, which have been abandoned since the beginning of the twentieth century in comparative private international law, still form the basis of the choice-of-law rules for contractual matters found in positive law. Even though the courts have also used methods that are similar to others put forward more recently in the United States and France, the Colombian system does not offer satisfactory solutions to the issues raised by international situations, particularly in contractual matters. Colombian private international law therefore needs to be rethought. In this respect, it is possible, on the basis of existing texts in Colombian law, to justify both the transformation of the approach and the adoption of new solutions. As far as contracts are concerned, a favorable trend towards the consecration of the freedom of choice of the applicable law as a solution of principle can actually be identified within the Colombian legal order. Indeed, this solution aligns with the constitutional principle of internationalization and is compatible with the role recognized to private initiative in Colombian law. Choice of law, which is widely used in comparative international private law, is also favored by international institutions. In 2015, The Hague Conference thus published its Principles on the choice of law applicable to international commercial contracts. This non-binding instrument can provide inspiration for the development of a choice of law regime in Colombian law.

Les droits administratifs français et espagnol sont traditionnellement présentés comme des idéaux-types opposés dans leur rapport aux droits administratifs étrangers. Comme exportateur, le droit administratif français considère ses homologues étrangers comme un réceptacle de son influence ; comme importateur, le droit administratif espagnol les envisage comme source de son enrichissement. Si une telle présentation repose sur des raisons temporelles et culturelles qui ont fait du droit administratif français un modèle et du droit administratif espagnol un imitateur, et s’illustre par de nombreuses manifestations, elle se révèle être partiellement inexacte. Historiquement, elle est trop réductrice en envisageant l’exclusivité de ces deux postures. Elle est ensuite dépassée aujourd’hui, à l’heure de la globalisation, puisque les solutions juridiques circulent sans que l’on identifie clairement des exportateurs ou des importateurs. Cette recherche invite alors à poser un regard différent sur ces présupposés qui considèrent le droit administratif français comme un exportateur et le droit administratif espagnol comme un importateur. / French and Spanish Administrative Laws are, traditionally, presented as two opposed “ideal-types”. Indeed, their relations to foreign Administrative Laws and their way to think these relations are deeply different. While French Administrative Law is viewed as understanding its foreign equivalents as recipients of its own influence, Spanish Administrative Law is seen as using them as a way to enrich its own representations. A such picture is induced by temporal and cultural reasons that make French administrative law a model for other administrative laws and Spanish one an imitator. This observation has many manifestations but is partially inaccurate . Historically, these two positions are too reductive. Moreover, nowadays, in a time of globalization a such affirmation is outdated. The increase of interactions between legal systems makes difficult to identify which concept is derived from which legal system. Hence, the purpose of this study is to view in a critical way the assumptions that make French administrative law an exporter and Spanish administrative law an importer.

Le relatif échec que fut le Human Rights Act 1998 et les condamnations régulières du Royaume-Uni par la CEDH peuvent être considérés comme les symptômes, parmi d’autres, d’un problème de la liberté dans le constitutionnalisme britannique. Comment expliquer que cet Etat, membre fondateur du Conseil de l’Europe, résiste si fortement à l’application de cette déclaration de droits qu’est la Convention Européenne de Sauvegarde des droits de l’Homme et des libertés fondamentales ? Nous proposons dans ce travail une solution appuyée sur une étude de la culture classique de la common law, c'est-à-dire, essentiellement mais pas seulement, de la grande doctrine parlementaire anglaise du dix-septième siècle. Il nous semble en effet que cette doctrine a fixé la conception anglaise de la liberté et l’a définitivement envisagée comme devant relever de la common law. Nous suggérons que c’est par une redéfinition permanente de la common law que la liberté a été pensée en droit public anglais et que ce travail de redéfinition est encore à l’oeuvre aujourd’hui. Tout d’abord le problème de la liberté – qui s’est aussi posé en France et en Amérique par exemple – a pris une forme particulière en Angleterre : plutôt que de penser la source de légitimité du pouvoir, les juristes anglais ont réfléchi à ce que pouvait être les « marques » d’un droit acceptable pour tous. Cette réflexion a engendré des vagues de politisation du droit mais elle a rendu l’apparition d’un peuple sujet de droit beaucoup plus difficile. La première vague de politisation fait de la common law, le droit de la communauté, c'est-à-dire le droit commun à tous (Partie 1). La seconde vague de politisation de la common law correspond à un approfondissement de la première et fait de la common law un droit de la liberté en articulant le langage de la common law à l’individu par le biais d’une morale constitutionnelle (Partie 2). / Many are the signs revealing a certain difficulty with liberty or freedom in british constitutionalism. The relative failure of the Human Rights Act 1998 in terms of efficiency , the never-ending debate about the enactment of a british declaration of rights and the numerous sanctions taken by the ECHR against the UK, can be considered as symptoms of this problem. How, then, is it possible to explain the overwhelming role of the UK in the adoption of the ECHR in the 1950’s and this resistance of the UK towards the European Convention ? Our aim, in this work, is to provide an explanation which would be based on the study of the early modern common law tradition that is mainly (but not exclusively) the parliamentary Doctrine of the Seventeenth Century. We think that this doctrine or discourse established the english conception of liberty and considered this latter as originating in the common law. We suggest that liberty was and is thought as a permanent redefinition of the law itself (the common law) and that this idea gave birth to Public Law exactly at the same time. First of all, the above-mentioned problem of liberty – which appeared in America and France as well – arose in a particular way in England. Rather than focusing on power and its legitimacy, english state lawyers concentrated their work on the marks of a law which could be acceptable for all. This reflexion led to successive waves of politisation of the law itself but did not enable the apparition of a people which would be the source of both law and power. The first wave of politisation established that common law was the law common to all (Part 1). The second wave deepened the first one and enabled the common law to be « the law of liberty » by linking the language of the common law with the individual, through constitutional morality (Part 2).

Ce travail mise à étudier comment les standards internationaux de droit souple contenues dans les principes directeurs des Nations Unies relatifs aux entreprises et aux droits de l’homme sont en train d’influencer la législation européenne et celle des états membres. Le premier chapitre analyse la responsabilité (ou mieux son absence) des entreprises multinationales dans le droit international et devant les courts nationaux. Dans ce contexte, on assiste à l’affirmation des codes de conduite internationaux de droit souple. Le deuxième chapitre est concentré sur trois codes de conduite internationaux : les lignes directrices de l’OCDE, la déclaration de l’OIT et les normes des Nations Unies. Cette analyse est visée à offrir au lecteur une idée plus claire du cadre qui a porté à l’approbation des principes directeurs. Le troisième chapitre est entièrement confié à l’analyse de ces principes et leurs trois piliers, avec une attention spécifique au devoir de l’état de protéger les droits de l’homme. Finalement, le dernier chapitre étudie, à travers une méthode comparée, l’actualisation des principes directeurs par l’Union européenne et ses états membres. Cette recherche a permis de conclure que les principes directeurs sont en train d’influencer largement le processus législatif européen et national. Elle veut alors contribuer au débat concernant le rôle croissante du droit souple dans la solution des problématiques liées à la mondialisation et à la perte de puissance du principe de la souveraineté des états / The twofold aim of the research is to study how the international soft law standards laid down in the UN Guiding Principles on Business and Human rights (UNGPs) are shaping both the European and the National legislations, and what are the further developments expected. The first chapter explores the (lack of) responsibility of MNEs in international law and in front of national courts. In this scenario, the role of international soft law has been particularly important. The second chapter examines three different public codes of conduct regulating MNEs, The OECD Guidelines for multinational corporations, the ILO Tripartite Declaration and the UN Norms. This analysis serves to give the reader a clearer idea of the context in which the UNGPs has seen the light. The third chapter is entirely dedicated to the analysis of the UN Guiding Principles endorsed in 2011 and of their three pillar, with a special focus on the State duty to protect. Finally, the fourth chapter analyses, through a comparative method, the UNGPs implementation in the EU and in some Member states. It concludes that the UN Guiding Principles are largely influencing the European policy in this sector, and that both the European Union and the Member states are implementing this policy through several measures, both voluntary and mandatory. Finally, the research intends to make a contribution to the debate on the increasing role of international soft law in solving challenges of a globalized world where the State sovereignty principle has lost importance

En choisissant les arrhes comme objet de comparaison entre le droit français et le droit chinois, la présente étude entend montrer le lien entre la technique juridique et la fonction juridique d'une part, la relation entre la fonction d'une institution et son régime juridique d'autre part.Le mécanisme et la fonction sont deux composantes distinctes de la convention d'arrhes. Les deux systèmes juridiques (la France et la Chine) connaissent le même mécanisme, les fonctions juridiques des arrhes s'éloignent cependant considérablement. Il y a en même temps une interdépendance entre ces deux éléments. D'une part, la fonction des arrhes détermine le rôle joue par le mécanisme. De l'autre côté, l'efficacité de la fonction juridique dépend largement du mécanisme sur lequel elle s'appuie. La divergence fonctionnelle des arrhes se répercute nécessairement sur le régime de cette convention. En premier lieu, le problème du contrôle juridique se pose dans des termes différents. En second lieu, les effets juridiques du jeu des arrhes ne sont pas les mêmes en présence de différentes fonctions. La présente étude montre la nécessité d'assurer une adéquation entre la fonction poursuivie et le régime adopté. A travers l'étude des arrhes, nous entendons survoler les deux systèmes juridiques dans leur ensemble, afin d'une part de permettre aux lecteurs français de mieux connaître le droit chinois, et d'autre part de mettre en lumière les divergences qui séparent les deux pays. L'exploitation de la jurisprudence chinoise constitue d'ailleurs une originalité marquée de la présente étude. / By choosing the earnest money as the subject of comparison, the present study tries to illustrate the relationship between the legal technique and the legal function on the one hand, between the function of a legal institution and its legal regime on the other.The technique and the function are two distinct components of the deposit. The technique of deposit is the same in the two contrary, where as its functions differs a lot. At the same time, there is an interdependance between those two elements. The function of the deposit determines the role played by the technique. In return, the efficiency of the function depends on the legal technique used. The functional difference also has an impact on the legal regime of the earnest money. Firstly, the problem of judicial control of the clause are not solved in the same way. Secondly, the legal effets produised by the contract of deposit varies according to the its different functions. The present study shows the necessity to assure the adequacy between the function of a institution and its legal regime.Through this research, we intend to provide an over view of the two legal systems, in order not only to give the french readers a complete picture about Chinese law, but also to bring to light the divergences which seperate French law and Chinese law. The massive use of the chinese courts' decisions constitute a remarquable feature of present work.

Le capital social joue un rôle disputé, mais toujours essentiel dans une société. Derrière le capital social se profile le pouvoir: celui qui détient la majorité des parts ou des actions détient le contrôle réel de la société. Les opérations sur le capital social désignent donc en réalité les opérations de pouvoir entre les associés ou actionnaires au cours de la vie sociale. C'est la raison pour laquelle les opérations sur le capital social suscitent l’intérêt des juristes et des praticiens, tant en France qu'en Chine.Or, le régime de capital social qui a été établi par la même idée présente beaucoup de différences dans les systèmes juridiques français et chinois. Notre recherche se concentrera donc sur la présentation de la différence entre les deux systèmes juridiques, en analysant les raisons sous-jacentes sous un angle juridique, social, et culturel. A part ces différences, en espérant pouvoir faire progresser le régime chinois sur les opérations de capital social, la présente étude tentera de s’interroger sur la question de savoir comment le droit chinois des sociétés peut inspirer le droit français des sociétés en ce domaine. De façon plus générale, comment le capital social devrait-il se présenter dans les deux systèmes juridiques? Notre étude comparative s'effectuera en visant les trois opérations essentielles sur le capital social: les augmentations de capital social, les réductions de capital social et le rachat de droits sociaux, tout en souhaitant également pouvoir favoriser les investisseurs mutuels dans les investissements transnationaux. / The social capital plays a role disputed, but always essential in a company. Behind the social capital the power is profiled : the person who holds the majority of parts or actions holds the real control of the company. Thus the operations of the social capital indicate in reality the operations of the power between the associates or shareholders during the social life. This is why the operations of the social capital arouse the interest of the jurists and the practitioners, both in France and in China.However, the regime of social capital, which was established with the same idea presents many differences between the French and Chinese legal systems. Our research will thus concentrate on the presentation of the difference between the two legal systems, by analyzing the subjacent reasons under a legal, social and cultural angle. Apart from these differences, while hoping to be able to make progress the Chinese regime of the operations of social capital, the present study will attempt to consider the question of how the Chinese company law can inspire French company law in this field. More generally, how the capital social should be present in both legal systems ?Our comparative study will be done by aiming at three essential operations on the social capital: increases of social capital, reductions of social capital, and the repurchase of social rights, while also wishing to be able to support mutual investors in the transnational investments.

Le droit de la santé réglemente les actions de santé lato sensu. En encadrant juridiquement une pluralité d'actes médicaux, comme l'AMP, l'interruption de grossesse, l'examen des empreintes génétiques ou encore les dons d'éléments et produits du corps humain, il influence le droit extra-patrimonial de la famille. Cette influence est protéiforme et se manifeste à la fois sur la détermination des liens familiaux et sur les droits et devoirs en découlant. Le droit comparé franco-suisse, dans sa fonction de connaissance du droit, permet de révéler les manifestations de cette influence. Le droit de la santé français exerce fréquemment un rôle moteur, subversif des concepts civilistes traditionnels. Le droit de la santé et le droit de la famille sont le plus souvent pensés séparément, le premier tendant parfois à s'autonomiser. À l'inverse, le droit de la santé suisse s'inspire régulièrement des constructions civilistes préexistantes, même si la finalité sanitaire justifie parfois un renouvellement des concepts. Ainsi, les deux champs du droit sont le plus souvent pensés globalement, approche dont le droit français gagnerait à s'inspirer. L'influence du droit de la santé sur le droit extra-patrimonial de la famille doit être repensée en tenant compte des objectifs poursuivis par les différentes règles de droit. La spécificité des actes médicaux à finalité familiale justifie que le droit de la santé soit cantonné à un rôle technique, suiveur de l'évolution du droit de la famille. En revanche, lorsqu'il réglemente les actes médicaux susceptibles d'influencer les droits et devoirs familiaux, le droit de la santé peut exercer un rôle complémentaire à celui du droit de la famille. / Health law regulates medical activity. By giving a legal framework to several medical acts, such as ART, abortion, DNA identification or donations of components and products of the human body, it influences extrapatrimonial family law. This influence is undeniably protean as it is exerted on both the definition and the legal regime of family ties. In its quest for improving knowledge of legal systems, French-Swiss comparative law can reveal and explain the manner in which this influence is expressed. In France, health law often plays a leading role, thus subverting traditional family law concepts and sometimes leading to inconsistencies. Health law and family law are usually viewed separately, with health law often taking an autonomous stance. In Switzerland, on the other hand, health law frequently draws on preexisting civil and family law concepts. Most of the time, these two fields of law are thought of together. This analysis incites us to rebuild French law in the light of Swiss law. The influence of health law on extrapatrimonial family law must be rethought, by taking into account the goal of each legal rule. The specificity of medical acts pursuing family interests justifies confining health law to a technical role, following the evolution of family law. Health law must be a tool for family law. However, health law can complement family law when it comes to the determination of family rights and duties. This complementarity is expressed either through the articulation of both branches of law when common goals are visible, or through the search for criteria capable of reconciling the conflicting goals pursued by these two subjects.

The rights may be required when they were violated or infringed. The rights are provided for in national laws and international standards such as the Universal Declaration of Human Rights and the covenants on human rights in 1966, among others, to demand them, can use both national justice system as international. This chargeability occurs both in the political sphere (through social mobilization and action by public authorities), as in the legal field (national judiciary and international courts). In the latter case, it is when he is called justiciability. The Universal human rights system established access to justice as a guarantee of social rights. This means ensuring effective judicial protection for the duties of States. Our research of the idea that to understand organizational phenomena of society, which are correlated to the right, a method is necessary in this case, the comparative legal method The current problems that have the realization of the fundamental right to education (restricted and almost privileged access at all levels, uncertain and conditional adaptability, etc.) are dormant. The issue of justiciability of the right to education is dealt with in a right perspective compared between Brazil and Colombia, and is understood as the power of the holders of this fundamental right to require states to respect and protection, making it effective; in other words: it is the obligation of States to provide judicial remedies for such purposes. The justiciability is a way to enforce the rights before the courts, both at the national, regional and international levels, and analyzed in our thesis / Os direitos podem ser exigidos quando foram violados ou infringidos. Como os direitos estão previstos nas leis nacionais e normas internacionais, como a Declaração Universal dos direitos humanos e os pactos sobre direitos humanos de 1966, entre outros, para exigi-los, pode usar tanto sistema de justiça nacional como o internacional. Esta exigibilidade ocorre tanto na esfera política (através de mobilização social e ação pelas autoridades públicas), como no campo jurídico (poder judiciário nacional e tribunais internacionais). Neste último caso, é quando ele é chamado de justiciabilidade. O Sistema Universal de direitos humanos estabeleceu o acesso à justiça como garantia dos direitos sociais. Isso significa a garantia de tutela jurisdicional efetiva para o cumprimento dos deveres dos Estados. A nossa investigação parte da ideia de que para compreender fenômenos organizacionais da sociedade, que estão correlacionados com o direito, é necessário um método, neste caso, o método juridico comparativo Os atuais problemas que têm a efetivação do direito fundamental à educação (acesso restrito e quase privilegiado em todos os níveis, incerta e condicional adaptabilidade, etc) são latentes. A questão da justiciabilidade do direito à educação é tratado dentro de uma perspectiva de direito comparado entre Brasil e Colômbia, e é entendida como o poder dos titulares deste direito fundamental para exigir aos Estados o respeito e proteção, tornando-o efetivo; em outras palavras: é a obrigação dos Estados para fornecer recursos judiciais para tais fins. A justiciabilidade é uma maneira de fazer valer os direitos diante dos tribunais, tanto em nível nacional, regional e internacional, sendo analisada na nossa dissertação.

Submitted by JOSÉ ESTEVAM DE ALMEIDA PRADO (jeap@jeap.com.br) on 2018-09-17T12:44:09Z No. of bitstreams: 1 Estevam Prado - Dissertação final.pdf: 2266670 bytes, checksum: 312ab5780824b82a4f6e4f41f29aef17 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-17T17:36:31Z (GMT) No. of bitstreams: 1 Estevam Prado - Dissertação final.pdf: 2266670 bytes, checksum: 312ab5780824b82a4f6e4f41f29aef17 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-09-18T13:58:14Z (GMT) No. of bitstreams: 1 Estevam Prado - Dissertação final.pdf: 2266670 bytes, checksum: 312ab5780824b82a4f6e4f41f29aef17 (MD5) / Made available in DSpace on 2018-09-18T13:58:14Z (GMT). No. of bitstreams: 1 Estevam Prado - Dissertação final.pdf: 2266670 bytes, checksum: 312ab5780824b82a4f6e4f41f29aef17 (MD5) Previous issue date: 2018-08-21 / A presente dissertação tem por objetivo estudar a reparação de danos sofridos no mercado de valores mobiliários causados por divulgação de informações falsas ou enganosas. Partindo do papel da informação na formação dos preços de valores mobiliários, e dos danos que pode causar a divulgação de informação falsa ou enganosa, analisamos o tema sob a ótica da responsabilidade civil. O tema tem sido pouco explorado em nosso país até então, e apenas recentemente tem despertado maior atenção em virtude de ações privadas propostas por investidores no exterior em face de importantes companhias aberta brasileiras, com algum desdobramento em nosso país. Para expandir o nosso conhecimento, realizamos pesquisa de direito comparado examinando o tratamento dado nos Estados Unidos e na França aos casos de informação falsa ou enganosa no mercado de valores mobiliários. Verificamos as diferenças existentes e as barreiras à efetiva reparação de danos no mercado de valores mobiliários, concluindo que, embora os tribunais desses países demonstrem disposição de tutelar os interesses lesados, a reparação tem sido ficta. Identificamos como questão problemática a responsabilização da companhia emissora, pois nesse caso não há de fato reparação de danos, mas, sim, a socialização de prejuízos, embora isso possa ser contornado ou mitigado por meio de seguro de responsabilidade e/ou criação de fundo de reparação de danos no mercado de valores mobiliários. / The present dissertation aims to study the repair of damages suffered in the securities market caused by the disclosure of false or misleading information by public companies. Based on the role of information in the formation of securities prices, and the damages that may be caused by the dissemination of false or misleading information, we analyze the issue from a civil liability perspective. The issue has received little attention so far in our country, and only recently has it attracted more attention due to private actions filed by investors abroad in the face of important Brazilian public companies, with some development in our country. To further our knowledge, we conduct comparative law research by examining the treatment given in the United States and France to cases of false or misleading information in the securities market. We have verified the existing differences and barriers to the effective compensation of damages in the securities market, concluding that, although the courts of these countries have shown willingness in protecting the injured interests, reparation has been elusive. We identified the liability of the issuing company as a problematic issue, because in this case there is in fact no compensation of damages, but, rather, the socialization of losses, although this may be overcome or mitigated by means of civil liability insurance and/or creation of a compensation fund for damages in the securities market.